SEC restores Databank broker dealer licence

Accra, May 13, GNA - The Securities Exchange Commission (SEC) has restored the Dealer's Licence of Databank Brokerage Services Limited with effect from Monday May 16, 2005. A statement from the Commission on Friday gave the green light to the company to continue with their securities transactions on behalf of their clients.

The SEC suspended the Dealer's Licence of Databank Brokerage Services Limited, Capital Alliance Company and Sterling Financial Services on May 4, 2005 for failing to submit their Financial Audited Statements for 2004 as prescribed by law.

The three companies were also directed not to engage in any securities transactions until further notice.

The SEC said its action was informed by the law, which required Brokerage firms to submit Audited Financial Statements not later than 90 days after the end of the financial year to which the report relates. The SEC said the decision had become necessary since the companies had flouted provisions of the Securities Exchange Commission Regulations, LI 1728 Regulation 33, which states that statements be submitted not later than 90 days after the end of the financial year to which the report relates.

SEC acted in accordance with the law, which authorised the Commission to revoke or suspend the licence of any licence holder who failed to comply with any condition attached to the licence.